IRS Releases Draft of New Information Return, 1099-SB

August 16, 2018 Gerry Nelligan

The IRS has released a draft for a new information return form that has been created as a result of the recently-passed Tax Cuts and Jobs Act. The new form is 1099-SB, Seller's Investment in Life Insurance Contract.

Form 1099-SB, which will be used for TY 2018 filing, will be used by insurance companies to report the policy number assigned to the life insurance contract transferred, the issuer’s estimate of investment in the life insurance contract, and the amount the seller would have received upon surrender of the transferred insurance contract. This is also a new requirement that stems from Section 6050Y(b) that requires the insurance company to file this return with the IRS and provide the seller a written statement containing the information required to be in the return.

To view the new form, please click the link below.

Form 1099-SB

About the Author

Gerry  Nelligan

www.sovos.com

More Content by Gerry Nelligan
Previous Article
New York Publishes Intertest Rates for 4th Quarter 2018

The New York Department of Taxation and Finance has released the interest rate per annum (compounded daily)...

Next Article
Minnesota Updates Filing FAQs for Tax Year 2018

The Minnesota Department of Revenue has updated their “Forms and Instructions for Tax Year 2018,” “Informa...

×

Regulatory Analysis News - Delivered Weekly

Company
Thank you for subscribing!
Error - something went wrong!